David Einhorn dumps Apple Stocks over China Trade War

Hedge Funds were dumped my Mr. David Einhorn, he feared the China Trade War may affect his Apple Stocks and had to make the decision

David Einhorn’s Greenlight Capital got rid of all of its shares in Apple, due to the risk of the potential retaliation from China against U.S. trade tariffs.

In a letter from the billionaire to investors seen by CNBC, Einhorn claims “We ultimately sold because our differentiated thesis from 2011 has become consensus.” Einhorn also adds “We are somewhat worried about Chinese retaliation against America’s trade policies.”

This would be affecting imports, by imposing restrictions and other measures that could affect the iPhone maker in the country.

The Greenlight Capital fund reduced its stake in Apple by 486,000 shares, approximately 77% of its holdings in the company, in the 2nd quarter. On August 31, the fund sold the remaining shares at $228 apiece, dumping around $40 million in the process.

Greenlight first bought into Apple in May 2010, and so far its investment in the iPhone producer has earned its clients over $1 billion.

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